4th Aug 2022 12:37
(Alliance News) - Falanx Group Ltd on Thursday said it expects to report organic revenue growth of 14% in the first half of 2022 on the back of improved professional services revenue.
The cybersecurity service provider said it now expects to report revenue at GBP3.5 million in the six months that ended June 30, up 14% from GBP3.1 million the previous year.
Falanx also said it expects to have narrowed its adjusted loss before interest, tax, depreciation, and amortisation in the half-year, as it has been trading in line with expectations since the start of the year.
Chief Executive Mike Read said: "We are very pleased with the group's performance over the past few months which is benefiting from the focus on growing a pure play cyber security business. The recent investments in sales, marketing and new products has created a considerable pipeline of new business which is more significant than at any time in the group's history."
Falanx said this pipeline was not only larger in terms of financial value but also has a "high level of advanced prospects", with the bulk of the pipeline consisting of recurring revenue opportunities for cybersecurity monitoring.
Falanx said its full interim results will be released in mid-September.
Shares in Falanx were up 14% at 0.66 pence on Thursday in London.
By Heather Rydings; [email protected]
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